I'm working on an appraisal of a proposed single-tenant retail building for a national credit tenant. I'm at the reconcilliation and the cost approach is about 10% below the income approach. The sales and income approach are within about 2-3% of each other and I feel pretty confident on both. The property is under contract for the purchase of the land for about $300,000. I've got several very good comps that place the value at closer to $200,000. The difference between the contract and market price for the land is pretty close to the difference between the cost and income approach. I'm trying to wrap my head around this and I feel like I've overlooked something. My supervisor is out of the office today so I haven't got a chance to discuss this with him yet.